1.
In Western writing systems (like Latin), punctuation marks such as the ellipsis are typically
aligned to the baseline, meaning they appear at the bottom of the text line.
In
Japanese typography, especially with
proportional or monospaced CJK fonts, punctuation like the horizontal ellipsis is usually
centered vertically within the character’s square space. This ensures proper rendering in both
horizontal and vertical writing modes, which are common in Japanese texts.

As a result, the ellipsis appears
higher compared to how it’s positioned in Western fonts — but that’s actually the typographically
correct placement in CJK contexts.
2.
The encoding (like
Shift-JIS) only determines
which Unicode code point a sequence of bytes refers to. It
does not define how the character looks on screen.
Instead, the
font you’re using is what controls the visual appearance of the character.
CJK fonts such as
MS Gothic,
MS Mincho,
Meiryo, or
Yu Gothic are specifically designed for Japanese text. These fonts render U+2026 (horizontal ellipsis) so that it appears
vertically centered, which matches Japanese typographic conventions.